Buying a house in Spain grants residency?

Spain is an attractive destination for many foreign investors, not only for its climate and quality of life, but also for its real estate opportunities. One of the most frequently asked questions among those looking to buy a property in the country is: "If I buy a house in Spain, do I get residency?" In this article, we break down everything you need to know about the relationship between buying a home and obtaining residency in Spain.

Golden Visa Programme

The Golden Visa programme is the main route by which the purchase of a property in Spain can lead to obtaining a residency permit. This programme was introduced in 2013 as part of a series of measures to attract foreign investment.

Gold Visa Requirements

To qualify for the Golden Visa, you must meet the following requirements:

1. Minimum Investment: You must make a minimum investment of €500,000 in real estate in Spain.
2. Property: The investment must be in one or more properties, whether residential, commercial or a combination of both.
3. Sources of Finance: The investment must be made with own funds, although it is possible to finance any amount over 500,000 euros.
4. Legal Status: You must have a clean criminal record and have valid medical insurance in Spain.
5. Stay in Spain: No minimum period of stay in Spain is required to maintain the Golden Visa.

Benefits of the Golden Visa

The Golden Visa offers several attractive benefits:

• Initial Residence: An initial residence permit is granted for two years, renewable for additional periods of five years.
• Family Residence: The visa can include your spouse and dependent children.
• Freedom of Movement: Allows you to travel freely within the Schengen area.
• Access to Services: Right to work and access educational and health services in Spain.

Other Ways to obtain Residence

Non-Profit Residence

If you do not meet the requirements of the Golden Visa, there are other options for obtaining residency in Spain. Non-profit residency is one of them. This type of residence is designed for those who wish to live in Spain without carrying out paid work or professional activities.

Requirements

• Financial Resources: You must demonstrate that you have sufficient financial resources to support yourself and your family during your stay in Spain. For 2024, this translates into about 2,400 euros per month for the main applicant and an additional 600 euros for each family member.
• Medical Insurance: You must have private medical insurance with full coverage in Spain.
• Clean Criminal Record: You must not have a criminal record in the countries where you have resided in the last five years.

Residence for Work or Study Reasons

Another option is to obtain residency through a work contract or enrolment in an educational programme in Spain. Both routes require obtaining a specific visa before entering the country.

Employment Contract

• Job Offer: You need a job offer from a Spanish company.
• Visa Application: The company must apply for a work permit on your behalf, and once approved, you can apply for a residence visa at the Spanish consulate in your country.

Study

• Admission to an Educational Institution: You must be accepted to a recognised educational institution in Spain.
• Financial Resources: You must demonstrate that you have sufficient funds to cover your stay and tuition fees.
• Medical Insurance: You must have valid medical insurance in Spain.

Buying a house in Spain can be a gateway to obtaining residency, especially through the Golden Visa programme. However, it is crucial to understand that the mere purchase of a property does not automatically guarantee residency. It is necessary to meet certain requirements and follow established procedures. In addition, there are other residency options for those who do not qualify for the Golden Visa, such as non-profit residency or residency for work and study purposes.

If you are considering moving to Spain, we recommend our real estate agency in Altea for personalised advice to ensure you meet all the necessary requirements. Spain offers many opportunities for those wishing to settle in the country, and with the right information, you can find the best avenue for your specific situation.